Disclosed herein is a video signal processing method and apparatus. In an embodiment of the present invention, video having a second screen size is generated from input video having a first screen size through Wavelet/Bicubic video interpolation, and a parallel Projection Onto Convex Sets (POCS) method is applied to the generated video having the second screen size. In this embodiment, the video having the second screen size, which is generated through Wavelet/Bicubic video interpolation, is used as an initial value for the POCS method, and a motion component estimated based on the video having the first screen size and the video having the second screen size obtained through the use of the POCS method is used as a correction value for the POCS method. Accordingly, HD-class video can be rapidly produced from SD-class video without image degradation.